Adobe (ADBE) reported fiscal third quarter earnings that topped Wall Street estimates on both the top and bottom lines, but shares plunged in after-hours...
) reported fiscal third quarter earnings that topped Wall Street estimates on both the top and bottom lines, but shares plunged in after-hours trading on its outlook. Adobe reported adjusted earnings of $4.65 per share, topping the Bloomberg consensus estimate of $4.53. Revenue was $5.41 billion, just above the expected $5.37 billion.
Uh earnings per share 465 which is 22 excuse me, 12 cents ahead of estimates here, the company's fourth quarter forecast that might be causing a little bit of trepidation among investors fourth quarter revenue gonna be five and a half to $5.55 billion.Um And specifically here, it looks like the forecast is short in its digital experience revenue business.
Talks about uh groundbreaking advancements in A I across the portfolio, meaning creative Cloud, document cloud experience cloud. Yeah, and there were a lot of questions about what A I was going to mean to them if their customers, a lot of them are graphic design professionals and they, you know, now you can go to an A I and get an image.
We don't know that, you know, are you replacing some of your lowest level employees with much more expensive people to monitor and, and install the technology?I'm not gonna, I'm not gonna dismiss it, but this is normal where, you know, you get the enthusiasm, but then there's the implementation and that's a problem and what we're seeing now with the stock with Adobe declining 8%.
Yeah, it's interesting too, just as we were making our way through earnings season, you know, you would listen to some of these business software makers and some of them, at least we're talking about, you know, challenges as you are dealing with an economy that's moderating.
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